Savings account let you save money and it also offers you interest. You can deposit the money that is in excess in your savings account. The funds in your savings account can be accessed at any time. You can withdraw the money when you need it through ATMs, over-the-counter transactions, etc.
Features and Benefits
Following are the various fees and charges of China Bank savings account:
- You get PIDC coverage where the maximum deposit for each depositor is P500,000.
- The minimum amount required to open an account is low.
- You earn a higher rate of interest.
- You can open an account if you are an Overseas Filipino Worker.
You can access the accounts through BancNet POS, ATMs, China Bank Online, China Bank Branch, and TellerPhone.
- With MoneyPlus Savings account, you can earn bonus rate if you limit the withdrawals to 2 in a month and you have maintained a monthly average daily balance of P50,000.
- The documentation includes TellerCard, passbook, and the monthly statement of account.
Types of China Bank Savings Account
Following are the various types of Savings Account offered by China Bank:
- ATM Savings
This is a basic account where you can enjoy banking convenience at any time. The account can be accessed through BancNet POS, ATMs, China Bank Online, China Bank Branch, and TellerPhone.
Initial deposit requirement P2,000 Minimum monthly average daily balance requirement P2,000 Minimum balance required to earn interest P5,000 Documentation TellerCard
- ChinaCheck Plus
This account lets you enjoy the convenience of an interest-bearing checking account. This account comes with an ATM card. The account can be accessed through China Bank branch, BankNet POS, BancNet Online, China Bank online, TellerPhone, and ATMs.
Initial deposit requirement P5,000 Minimum monthly average daily balance requirement P5,000 Minimum balance required to earn interest P20,000 Documentation TellerCard, Passbook, Monthly statement of account
- MoneyPlus Savings
This account lets you earn a higher interest than you would on a regular deposit account. The account can be accessed through China Bank branch, BankNet POS, BancNet Online, TellerPhone, China Bank online, and ATMs.
Initial deposit requirement P20,000 Minimum monthly average daily balance requirement P20,000 Minimum balance required to earn interest P50,000 Documentation TellerCard and Passbook
The interest rate includes the bonus rate. You get a bonus rate if you maintain at least P50,000 and you are limiting to 2 withdrawals in a month. The potential earning and the bonus rate per annum are as follows:
Monthly average daily balance range Bonus rate Potential earning P50,000 – P99,999.99 0.25% p.a. 0.50%
(0.250% + 0.25%)
P100,000 – P499,999.99 0.375% p.a. 0.625%
(0.250% + 0.375%)
P500,000 – P999,999.99 0.50% p.a. 0.75%
(0.250% + 0.50%)
P1,000,000 and above 0.75% p.a. 1%
(0.250% + 0.75%)
The interest is credited at the end of the month. The regular savings account rates will be applicable if you make more than 2 withdrawals.
- Overseas Kababayan Savings
This account is meant for Overseas Filipino Workers. The OFWs can send and receive remittances in a convenient manner and with ease. The account can be accessed through China Bank branch, BankNet POS, TellerPhone, China Bank online, and ATMs.
Initial deposit requirement Waived Minimum monthly average daily balance requirement Waived Minimum balance required to earn interest P1,000 Documentation Monthly statement of account and OKS
Account ATM card
- Passbook Saving
This account lets you save for a rainy day. You can monitor the savings account easily. The account can be accessed through China Bank branch and China Bank online.
Initial deposit requirement P5,000 Minimum monthly average daily balance requirement P5,000 Minimum balance required to earn interest P10,000 Documentation Passbook
China Bank Savings Account Eligibility Requirements
The China Bank savings account can be opened by:
- Sole Proprietorship.
- Domestic Corporates.
- Foreign Corporates.
Documents Required for China Bank Savings Account
You will have to submit the following documents with the duly filled application form:
- Barangay Certification.
- Certification from the National Council for the Welfare of Disabled Persons.
- Company IDs that issued by institutions or private entities that are registered with or administered or regulated either by the BSP, SEC, or IC.
- Department of Social Welfare and Development Certification.
- Driver’s License.
- Government Office and GOCC ID .
- Government Service and Insurance System e-Card.
- Integrated Bar of the Philippines ID.
- National Bureau of Investigation Clearance.
- Overseas Filipino Worker ID.
- Overseas Workers Welfare Administration ID.
- Police Clearance.
- Postal ID.
- Professional Regulations Commission ID.
- School ID that is duly signed by the principal or head of the school.
- Seaman’s Book.
- Senior Citizen Card.
- Social Security System Card.
- Two ID Pictures.
- Voter’s ID.
Additional Requirements are as follows:
- Aliens and Non-residents:
- Alien Certificate of Registration.
- Contract of employment.
- Immigrant Certificate of Registration.
- Business Name or Sole Proprietorship Accounts:
- Application for Registration with DTI.
- Certificate of Registration of Business Name with DTI.
- Certificate of Tax Exemption.
- Preferential Tax Treatment.
- Special Power of Authority.
- Partnership Accounts:
- Articles of Co-Partnership.
- Partnership Resolution or Agreement duly notarized.
- SEC Certificate of Registration.
- Domestic Corporate Accounts:
- Articles of Incorporation and By-Laws.
- Board Resolution duly certified by the Corporate Secretary.
- SEC Certificate of Filing Articles of By-Laws.
- SEC Certificate of Filing Articles of Incorporation.
- Foreign Corporate Accounts:
- Articles of Incorporation.
- Board Resolution duly certified by the Corporate Secretary.
- SEC License to do business or to operate in the Philippines.
China Bank Savings Account Interest Rates
Following are the interest rates offered for the various Savings Account:
|ATM Savings||0.25% p.a.|
|ChinaCheck Plus||0.125% p.a.|
|MoneyPlus Savings||0.25% p.a. plus the Bonus rate|
|Overseas Kababayan Savings||0.25% p.a.|
|Passbook Saving||0.25% p.a.|
The rates are subject to 20% withholding tax.
Fees and Charges
Following are the applicable fees and charges:
|Monthly fee if you fall below minimum maintaining balance||P300|
|Lost passbook replacement fee||P200|
|Early account closure fee||P300|
|Reprint of statement of account||For 1st 3 pages – P100
For succeeding pages – P10
How to apply for China Bank Savings Account
You can apply for a China Bank Savings Account through the following ways:
- Online: You can apply for the account online by entering the basic information.
- Phone: You can call +632-88-55-888, 1-800-1800-5888 or 1-800-3888-5888 to know more about the account and find out the process to apply and initiate it.
- Face-to-face: You can find the closest China Bank branch online. You can visit the branch and meet with the bank representative and learn more about the account before applying for it.
China Bank Savings Account Hotline Number
You can reach China Bank at +632-88-55-888, 1-800-1800-5888 or 1-800-3888-5888. You can also send an email to firstname.lastname@example.org. The fax number for China Bank is +632-519-0143.
China Bank Savings Account FAQs
- I’m an Overseas Filipino Worker, can I open a China Bank Savings Account?
Yes, you can open a savings account with China Bank if you are an Overseas Filipino Worker.
- What are the interest rates offered by China Bank Savings Account?
The interest rates offered by China Bank Savings Account ranges from 0.125% p.a. – 0.25% p.a. You can also earn bonus rate with your MoneyPlus Savings account.
- Are there are conditions to be eligible for the bonus rates?
Yes, the bonus interest rate is offered if you maintain a balance of P50,000 in your account and you are limiting to 2 withdrawals in a month.
- What is the potential bonus I can earn with my MoneyPlus Savings account?
You can earn a potential bonus ranging between 0.5% - 1%. This rate is based on your monthly average balance.
- How often will the interest be credited to my account?
The interest you earn will be credited at the end of the month.